Sample selection steps
| Panel A. Sample selection | ||
|---|---|---|
| Start: Worldscope data for all companies (2013–2022) | 74,190 | |
| Company-year observations after | ||
| EU | Non-EU OECD | |
| EU Directive’s criteria | 6,260 | 21,360 |
| removing missing observations | 5,990 | 19,650 |
| final sample | 5,810 | 19,230 |
| Panel A. Sample selection | ||
|---|---|---|
| Start: Worldscope data for all companies (2013–2022) | 74,190 | |
| Company-year observations after | ||
| 6,260 | 21,360 | |
| removing missing observations | 5,990 | 19,650 |
| final sample | 5,810 | 19,230 |
| Panel B. Sample distribution per year | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| EU | 581 | 581 | 581 | 581 | 581 | 581 | 581 | 581 | 581 | 581 |
| non-EU OECD | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 |
| Total | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 |
| Panel B. Sample distribution per year | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| 581 | 581 | 581 | 581 | 581 | 581 | 581 | 581 | 581 | 581 | |
| non- | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 |
| Total | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 | 2,504 |
| Panel C. Sample distribution per industry | ||
|---|---|---|
| EU | Non-EU OECD | |
| Company-year | Company-year | |
| Energy | 280 | 1,010 |
| Materials | 750 | 1,500 |
| Industrials | 1,570 | 4,390 |
| Consumers | 1,380 | 5,250 |
| Healthcare | 490 | 2070 |
| Technology | 350 | 2,500 |
| Utilities | 370 | 760 |
| Real estate | 170 | 700 |
| Information technology | 450 | 1,050 |
| Total | 5,810 | 19,230 |
| Panel C. Sample distribution per industry | ||
|---|---|---|
| Non- | ||
| Company-year | Company-year | |
| Energy | 280 | 1,010 |
| Materials | 750 | 1,500 |
| Industrials | 1,570 | 4,390 |
| Consumers | 1,380 | 5,250 |
| Healthcare | 490 | 2070 |
| Technology | 350 | 2,500 |
| Utilities | 370 | 760 |
| Real estate | 170 | 700 |
| Information technology | 450 | 1,050 |
| Total | 5,810 | 19,230 |
| Panel D. Sample distribution per country | |
|---|---|
| EU | |
| Austria | 11 |
| Belgium | 22 |
| Czechia | 1 |
| Denmark | 23 |
| Finland | 22 |
| France | 77 |
| Germany | 74 |
| Greece | 9 |
| Hungary | 3 |
| Ireland | 5 |
| Italy | 26 |
| Netherlands | 26 |
| Poland | 18 |
| Portugal | 6 |
| Spain | 34 |
| Sweden | 44 |
| UK | 180 |
| Total | 581 |
| Non-EU OECD | |
| Australia | 84 |
| Canada | 134 |
| Chile | 25 |
| Israel | 5 |
| Japan | 395 |
| Korea | 1 |
| Mexico | 31 |
| New Zealand | 22 |
| Switzerland | 49 |
| Turkey | 22 |
| US | 1,155 |
| Total | 1,923 |
| Panel D. Sample distribution per country | |
|---|---|
| Austria | 11 |
| Belgium | 22 |
| Czechia | 1 |
| Denmark | 23 |
| Finland | 22 |
| France | 77 |
| Germany | 74 |
| Greece | 9 |
| Hungary | 3 |
| Ireland | 5 |
| Italy | 26 |
| Netherlands | 26 |
| Poland | 18 |
| Portugal | 6 |
| Spain | 34 |
| Sweden | 44 |
| UK | 180 |
| Total | 581 |
| Australia | 84 |
| Canada | 134 |
| Chile | 25 |
| Israel | 5 |
| Japan | 395 |
| Korea | 1 |
| Mexico | 31 |
| New Zealand | 22 |
| Switzerland | 49 |
| Turkey | 22 |
| US | 1,155 |
| Total | 1,923 |
| Panel E. After propensity score matching | ||
|---|---|---|
| EU | Non-EU OECD | |
| Company-year | Company-year | |
| Company-year observations after propensity score matching | 5,640 | 5,640 |
| Final sample | 11,280 | |
| Panel E. After propensity score matching | ||
|---|---|---|
| Non- | ||
| Company-year | Company-year | |
| Company-year observations after propensity score matching | 5,640 | 5,640 |
| Final sample | 11,280 | |
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